Credit Crisis Critical, Stocks Slump, Oil Defies Invasion

  • August 12, 2008
  • David Goodboy

Credit Crisis Critical, Stocks Slump, Oil Defies Invasion

Bad news from bank names including JP Morgan Chase caused stocks to spiral downward today. Oil fell despite Georgian pipelines being shutdown due to Russian invasion. The DJIA gave back -139.96 to 11642.47, the Nasdaq fell -9.34 to 2430.61 and the broad based S&P 500 dropped -15.68 to 1289.63.

JP Morgan
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PowerRating) fell 9.31% or $3.90 to $37.99/share after expressing concerns over credit crisis and analyst writedown.

Comverge
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PowerRating) collapsed 26.73% or $2.39 to $6.55/share after posting a larger than expected second quarter loss.

Fossil
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PowerRating) added 10.89% or $3.14 to $31.98/share after beating analysts estimates for the second quarter.

Monsanto
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PowerRating) climbed 3.30% or $3.56 to $111.44/share after the seed producer said 2009 gross profits are expected to increase by 5% in soybean seeds and as much as 30% in corn seeds.

Oil fell $1.19 to $113.26/oz despite supply disruptions in Georgia. Gold fell another $5.70 to $822.60 and the VIX added 5.22% to 21.77

Market Snapshot

Dow

 -139.96 11642.47

NASDAQ

 -9.34 2430.61

S&P 500

 -15.68 1289.63

Economic
News

Trade Balance (Jun): Consensus -$61.9B, Prior -$59.8

Treasury Budget (Jul): Consensus -86.8B, Prior -$36.4B

Export Price ex-ag. (Jul): Consensus NA, Prior 0.9%

Import Price ex-oil (Jul): Consensus NA, Prior 0.9%

Retail Sales (Jul): Consensus -0.1%, Prior 0.1%

Retail Sales ex-auto (Jul): Consensus 0.5%, Prior 0.8%

Business Inventories (Jun): Consensus 0.6%, Prior 0.3%

Crude Inventories (08/09): Consensus NA, Prior 1614K

Core CPI (Jul): Consensus 0.2%, Prior 0.3%

CPI (Jul): Consensus 0.4%, Prior 1.1%

Initial Claims (08/09): Consensus 436K, Prior 455K

NY Empire State Index (Aug): Consensus -5.0, Prior -4.9

Net Foreign Purchases (Jun): Consensus $57.5B, Prior $67.0B

Capacity Utilization (Jul): Consensus 79.8%, Prior 79.9%

Industrial Production (Jul): Consensus 0.0%, Prior 0.5%

Mich Sentiment-Prel (Aug): Consensus 62.0, Prior 61.2

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